Outrage over BlueChip PLA's

It has been reported that a large number of Property Law Act notices (PLA) have been served on BlueChip victims by a company of the TEA custodian group. The lenders responsible for the notices are of the Securitized Mortgage scheme.

The Judge has not yet released his decision on the Bartle’s test case, which involved a securitized mortgage. The case was heard in the Auckland high Court back in April.

EUFA coordinator, Suzanne Edmonds said from Tauranga last night:

“ It is obvious that the mortgage company is positioning itself in the event that the Bartle’s case is lost. If the case is won it will be a victory and will change the process dramatically of any pending recovery action. However under all the circumstances, I believe the timing of the PLA notices is predatory, draconian and deliberate”.

EUFA are taking a stand, appealing to Real Estate companies and the Real Estate Institute, to boycott BlueChip related Mortgagee sales. The reason for this appeal is based on the fact that a Serious Fraud Office investigation involves the loan applications. Any property sale forced before the investigation is complete would undoubtedly be premature.

Many of those involved will be destitute if their homes go up for Mortgagee sale and will be dependent on the State/Taxpayer for day to day survival.

PLA notices have a time frame allowing repayment of the loans, making the ethics of serving the notices prior to the court decision, questionable as the notices will be ‘timed out’ by the time the court decision is out. This timing will allowing the lenders to pounce. It is not unusual for pre-arranged buyers to be waiting in the wings for a bargain. Sales of this nature are often made without the purchaser viewing the property.

EUFA member Karina Williams, from the central north island said today “We will travel all over New Zealand and protest outside homes, offices etc, until the authorities take action to protect us. We cannot sit back and allow this outrageous bullying to continue.”

Mrs Edmonds adds “It is totally wrong that one act of parliament (PLA) can been enforced, when serious investigations are taking place in the serious fraud office and with other authorities. EUFA will continue to appeal to the Government to take immediate action over this abhorrent situation.”

Suzanne Edmonds of EUFA is hoping to meet Real Estate Institute representatives in the Bay of Plenty next week.

(Exposing Unacceptable Financial Activities Inc Soc)
www.eufa.co.nz